The seven OPEC+ countries that have voluntarily cut production beyond the quotas set for all countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) have decided to increase their oil production quotas in September by 188,000 barrels per day, according to an OPEC press release.
With this decision, the “Seven” have completed the return to the market of volumes previously cut as part of the second phase of voluntary restrictions, totaling 1.65 million bpd. The first phase—amounting to 2.2 million bpd—was “phased out” in September 2025.
Consequently, by the end of 2026, the previously approved quotas will apply to all member countries of the alliance without any restrictions, and the alliance’s total permitted production level will be 36.206 million bpd.
The leaders of the agreement—Saudi Arabia and Russia—will be able to increase production next month by 62,000 b/d, to 10.478 million b/d and 9.949 million b/d, respectively. Iraq is entitled to increase production by 26,000 b/d, to 4.431 million b/d; Kuwait—by 16,000 bpd, to 2.676 million bpd; Kazakhstan—by 10,000 bpd, to 1.628 million bpd; Algeria—by 6,000 bpd, to 1.007 million bpd; Oman – by 5,000 bpd, to 841,000 bpd.
Previously, the OPEC+ “volunteers” had stated that the cuts could be reinstated either fully or partially, depending on market conditions. However, this remark is absent from the current press release.
Despite the conclusion of the latest cycle of voluntary cuts, the OPEC+ “Seven” will continue to hold monthly meetings, the press release states. The next one is scheduled for September 6.
To increase production quotas for all OPEC+ countries, a meeting of ministers from all alliance countries must be scheduled—the next one is currently set for November 29. This decision could be made by the OPEC+ Monitoring Committee, which also met on August 2 but did not adopt a corresponding resolution. Its next meeting will take place on October 4.
Meanwhile, OPEC+ countries are currently discussing a new methodology for determining maximum production capacity, which will serve as the basis for setting production quotas in 2027—for now, quotas for all countries are set through the end of 2026. It was expected that the methodology would be approved in September so that quotas for 2027 could be determined at the November meeting.
Since March, the Gulf countries that are members of OPEC+ have been unable to increase production in line with their quotas because Iran has blocked the Strait of Hormuz, through which approximately 20 million barrels per day of oil and petroleum products from the Persian Gulf were flowing to the global market. Russia is also significantly behind its quota.
